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1293 Perimeter Pkwy, Virginia Beach, VA 23454
Premier office building in Corporate Landing Business Park, Virginia Beach.
Property Size30,600 SF
Price / SF$198.37
Days on Market1116
Property Features for 1293 Perimeter Pkwy
General Information
Standard status
Active
Size
30,600 SF
Class
A
Property subtype
Industrial
Zoning
L1
Occupancy
100%
Lease Type
NN
Investment Type
Institutional
Net Operating Income
$439,734
Building Details
Year Built
2002
Units
1
Tenancy
Single
Listing Agency:
Atlas Realty Advisors
Listed By:
Dominic Cardine · License #PA RS339249
Source:
Crexi
Added: Aug 17, 2023
Changed: Aug 13
Last Checked: Sep 2 at 6:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Atlas Realty Advisors
Investment Insights
Based on property information with market context.
The property at 1293 Perimeter Parkway is a premier office building located in the Corporate Landing Business Park in Virginia Beach, Virginia. Situated several miles from I-264 via four-lane divided roads, the location is within the South Hampton Roads area of the Hampton Roads MSA. The building is conveniently located off General Booth Boulevard, between Naval Air Station Oceana and Dam Neck Fleet Training Center. A variety of shopping, food service, and hotel amenities are located nearby. The property has a size of 30600 square feet and is intended for use as an office building.
Key Highlights
- Premier office building in Corporate Landing Business Park.
- Conveniently located off General Booth Boulevard, close to Naval Air Station Oceana and Dam Neck Fleet Training Center.
- Proximity to shopping, food service, and hotel amenities.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$428,385
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,567,700
$8.6M
Cap Rate 7%
$6,119,786
$6.1M
Cap Rate 9%
$4,759,833
$4.8M
Market Conditions
NOI Build-Up for 30,600 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$672.0K $21.96/SF
− Vacancy
−$100.8K −$3.29/SF
EGI
$571.2K $18.67/SF
− OpEx
−$142.8K −$4.67/SF
NOI
$428.4K $14.00/SF
Area
ZIP 23454
Vacancy
15.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,567,700
Cap Rate 7%
$6,119,786
Cap Rate 9%
$4,759,833
Alternative Uses
Best Use
Office B
$6.12M
$5.35M – $7.14M
NOI $428,385 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.74M
$6.77M – $9.03M
NOI $541,811 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
124
Businesses Nearby
Explore this area
Business Placement
Demographics for 23454, VA
58,665
Population
24,253
Households
2.4
Avg Household Size
38
Median Age
43%
College-Educated
94%
High-School Grad
22.5 sq mi
ZIP Area
2,607
Density / Sq Mi
$97,835
Median Household Income
$48,961
Median Earnings
$1,600
Median Rent
$401,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Premier office building in Corporate Landing Business Park, Virginia Beach.
Where is this office building located?
The property is located at 1293 Perimeter Pkwy Virginia Beach, VA.
What is the asking price?
The asking price for this property is $6,070,000.
What are key features of this property?
This property features: Premier office building in Corporate Landing Business Park.; Conveniently located off General Booth Boulevard, close to Naval Air Station Oceana and Dam Neck Fleet Training Center.; Proximity to shopping, food service, and hotel amenities.
